a cup

That is, "a cup of wine" or, "a cup full of a drink made from grapes."

Drink this

That is, "Drink what is in this cup" or, "Drink from this cup." The drink in the cup was made from grapes so that it had a deep red color.

This could be translated as, "blood that makes the New Covenant possible" or, "blood that is the basis for the New Covenant."

This could be translated as, "will run out of my body" or, "I will bleed out."

That is, "so that God can completely forgive people for all of their sins."

That is, "celebrate me" or, "commemorate me." It could also be translated as, "especially focus on me" or, "remind you of me."